Monday, August 07, 2006
HR Owen sheds Audi business
As part of plans to reduce its debts, HR Owen has shed three of its Audi dealerships.
A management buy-out team headed by Darren Guiver, under the company name Spire Automotive, has bought the three dealerships in Finchley Road, Hatfield and Whetstone.
As at 31 December 2005, the three sites had gross assets of £10.2m and generated a pre-tax profit of £500,000. The total consideration for the business payable in cash is £4.7m, of which £2.0m is goodwill. As part of the deal, all of the employees will be transferred to Spire Automotive.
DATED: 07.08.06
FEED: MT
A management buy-out team headed by Darren Guiver, under the company name Spire Automotive, has bought the three dealerships in Finchley Road, Hatfield and Whetstone.
As at 31 December 2005, the three sites had gross assets of £10.2m and generated a pre-tax profit of £500,000. The total consideration for the business payable in cash is £4.7m, of which £2.0m is goodwill. As part of the deal, all of the employees will be transferred to Spire Automotive.
DATED: 07.08.06
FEED: MT
